JPMorgan Exclusive: Record-Breaking Annual Profits Explained

JPMorgan Chase, the largest bank in the United States, reported a decline in fourth-quarter profits of 15%, but the full-year results were record-breaking, with a net profit of $49.6 billion, up 32% from the previous year.

The bank benefited throughout the year from higher interest rates, which boosted margins in its lending business.

When other banks struggled during a confidence crisis, JPMorgan saw a steady influx